|October 1, 2004|
A US$25 million claim has been launched in the Ontario Superior Court of Justice by Derek Morran and Adi Tarkay against John Carbone, Gateway Financial Services Ltd, Gamewave Solutions Inc, Berkshire Trust Company Ltd, TGG Investments Inc, Daniel Kershaw and Gordon Williamson.
The legal proceeding alleges fraud, conspiracy, breach of fiduciary duties, and breach of contract.
The Ontario filing is the first of several filings scheduled for multiple legal and geographical jurisdictions over the coming weeks whereby Morran and Tarkay seek to recover assets allegedly misappropriated via fraudulent, unlawful and unethical means by the defendants as named above.
The dispute is centered around the August 2002 merger between BingoWorkz Ltd (a Cyprus based online gaming company) and Gamewave Solutions Inc (a Turks & Caicos registered software development company with operations in Toronto, Canada) to form TGG Investments Inc. Shortly after the merger and amidst allegations of mismanagement, financial duress, conspiracy and fraud, the management contracts of Morran and Tarkay were unlawfully terminated.
The plaintiffs, Morran and Tarkay are directors and shareholders of BingoWorkz, as well as directors of TGG Investments Inc.
The defendant, John Carbone, is a businessman residing in Toronto, Canada. He is a directing mind of Gateway Financial Services Ltd, Gamewave Solutions Inc and TGG Investments Inc.
The defendant, Gateway Financial Services Limited (GFSL), is a company incorporated in the Turks & Caicos Islands. GFSL engages in the business of online payment processing focusing on the online gaming sector. The operations of GFSL are primarily located in Toronto, Canada.
The defendant, Berkshire Trust Company Limited, is incorporated in the Turks & Caicos Islands and carries on the business of a trust company. Berkshire, through Gordon Williamson, serves as the officer and director of each of Gamewave, TGG Investments Inc and others for the purposes of incorporation under the laws of the Turks & Caicos Islands. Berkshire also acts as trustee for the online payment processing business of GFSL. The plaintiffs believe that Carbone is a controlling shareholder of Berkshire.
The defendant, Daniel Kershaw, resides in Toronto, Canada, and during the relevant time was a director and an employee of TGG Investments Inc and a director of Gamewave Solutions Inc.
The defendant, Gordon Williamson, is an individual residing in the Turks & Caicos Islands. Williamson is the President of Berkshire Trust Company Ltd. Williamson is also a director and President of TGG Investments Inc.
The defendant, TGG Investments Inc is a company incorporated in the Turks & Caicos Islands. TGG was incorporated as part of an agreement and plan of merger between Gamewave Solutions Inc and BingoWorkz Ltd, a company owned in part by Morran and Tarkay.